Memory chip giant Micron Technology Inc. surprised investors with a sharply lower outlook and big cuts in its capital spending Tuesday, actions that speak much louder than executives’ words that everything will be fine in a few months.

Former Walt Disney Co. Chief Operating Officer Tom Staggs has emerged as a top candidate to become CBS Corp.’s new CEO, people familiar with the matter said, as the network looks to turn the page on months of uncertainty and upheaval since the departure of Leslie Moonves over allegations of sexual harassment.